Gurgaon based online travel firm, MakeMyTrip, has recently launched a $15-Mn innovation fund to invest in startups working on travel-related technology.
“The MakeMyTrip board in its last meeting has given a goahead to create a fund of $15 million to invest in young ventures in the travel technology space. The fund will be created out of 10 per cent of cash assets on our balance sheet,” said Rajesh Magow, co-founder and chief executive (India) at MakeMyTrip.
The fund has plans to make investments globally and will have an investment committee comprising MakeMyTrip’s three co-founders including Magow, Deep Kalra and Keyur Joshi, besides three other directors.
Related Article: China’s Ctrip.com Invests $180 Mn In MakeMyTrip
It will be making Series A kind of investments in startups working in areas of mobility, holidays, taxi aggregation and niche travel.
Globally, companies like Cisco Systems, Intel, Google and Microsoft, all have established separate venture funds out of their balance sheets, to invest in young startups. In context of India, companies like InfoEdge, One97, Times Internet and Smile Group invests in startups related strategic business.
Recently, Jasper Infotech, the parent organization of Snapdeal had announced that will be launching an incubator to foster mobile focused startups in the country.
The fund is almost 10% of the portal’s cash position.